The Price of a New Textbook Increased from $60 to $75

question 197

Multiple Choice

The price of a new textbook increased from $60 to $75 in one year, while the price of a used textbook increased by 25 percent. What happened to the relative price of a used textbook?

• A)It increased by 25 percent.
• B)It increased by 10 percent.
• C)It remained constant.
• D)It can't be determined without knowing the nominal price of the used textbook in at least one of the years.

Discuss reasons for psychological opposition to the use of lie detectors.

Identify factors that can intensify emotions besides the stimulus itself.

Understand the evidence of emotional reactions without deliberate rational thinking.

Understand the concept of the endowment effect in behavioral economics.

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Definitions:

Trademarks Act

Legislation that governs the registration, protection, and use of trademarks to identify and distinguish goods and services.

Copyright Act

Legislation that grants creators of original works exclusive rights to their use and distribution, typically for a limited time.

Copyright

A legal right granted to the creator of original works of authorship, including the exclusive right to reproduce, distribute, and adapt the creation.

Employer

An entity or individual who hires and pays workers for their services or labor.